Does GIC knows about this allegation that UBS is helping clients in Europe to evade taxes by setting up "foundations" in Singapore?
http://www.foxbusiness.com/story/ma...gating-tax-evasion-allegations-german-client/
UBS: Investigating Tax Evasion Allegations From German Client
ZURICH -(Dow Jones)- UBS AG (UBS: 12.8, 0.04, 0.31%) said Wednesday it is investigating allegations made by a German client who, according to a Swiss newspaper, has filed a criminal complaint against the Swiss bank for helping him evade taxes in Germany.
"UBS has opened an internal investigation into the additional accusations about tax questions and domicile and will review the events of that time. Should these accusations be proven true, the new leadership of UBS will take appropriate measures," Zurich-based UBS said in an emailed statement.
The unnamed German client is seeking a criminal complaint against UBS from Frankfurt's prosecutor, Wednesday's edition of Handelzeitung said.
The client alleges UBS set up a sham residence for him in Zurich and foundations in Singapore, according to Handelszeitung. By doing so, he avoided paying EUR40 million in German taxes, the paper reports.
The client, who became displeased with UBS after losing a substantial portion of his funds in the financial crisis, came clean to German tax officials, according to Handelszeitung.
A spokeswoman for the bank, which said it has been looking at the case in Germany since 2008, said its German branch rejects the client's previous demand for his investment losses to be reimbursed by UBS.gl
http://www.foxbusiness.com/story/ma...gating-tax-evasion-allegations-german-client/
UBS: Investigating Tax Evasion Allegations From German Client
ZURICH -(Dow Jones)- UBS AG (UBS: 12.8, 0.04, 0.31%) said Wednesday it is investigating allegations made by a German client who, according to a Swiss newspaper, has filed a criminal complaint against the Swiss bank for helping him evade taxes in Germany.
"UBS has opened an internal investigation into the additional accusations about tax questions and domicile and will review the events of that time. Should these accusations be proven true, the new leadership of UBS will take appropriate measures," Zurich-based UBS said in an emailed statement.
The unnamed German client is seeking a criminal complaint against UBS from Frankfurt's prosecutor, Wednesday's edition of Handelzeitung said.
The client alleges UBS set up a sham residence for him in Zurich and foundations in Singapore, according to Handelszeitung. By doing so, he avoided paying EUR40 million in German taxes, the paper reports.
The client, who became displeased with UBS after losing a substantial portion of his funds in the financial crisis, came clean to German tax officials, according to Handelszeitung.
A spokeswoman for the bank, which said it has been looking at the case in Germany since 2008, said its German branch rejects the client's previous demand for his investment losses to be reimbursed by UBS.gl
